Finance
Prime Minister Shri Narendra Modi chaired a meeting of the Cabinet Committee on Security to review the situation and ongoing and proposed mitigating measures in the context of ongoing West Asia Conflict.
The Cabinet Secretary gave a detailed presentation on the global situation and mitigating measures taken so far and being planned by all concerned Ministries/Departments of Government of India. The expected impact and measures taken to address it across sectors like agriculture, fertilisers, food security, petroleum, power, MSMEs, exporters, shipping, trade, finance, supply chains and all affected sectors were discussed. The overall macro-economic scenario in the country and further measures to be taken were also discussed.
The ongoing conflict in West Asia will have significant short, medium and long term impact on the global economy and its effect on India were assessed and counter-measures, both immediate and long-term, were discussed.
Detailed assessment of availability for critical needs of the common man, including food, energy and fuel security was made. Short term, Medium term and Long term measures to ensure continued availability of essential needs were discussed in detail.
The impact on farmers and their requirement for fertiliser for the Kharif season was assessed. The measures taken in the last few years to maintain adequate stocks of fertilizers will ensure timely availability and food security. Alternate sources of fertilizers were also discussed to ensure continued availability in the future.
It was also determined that adequate supply of coal stocks at all power plants will ensure no shortage of electricity in India.
Several measures were discussed to diversify sources of imports required by chemicals, pharmaceuticals, petrochemicals and other industrial sectors. Similarly new export destinations to promote Indian goods will be developed in the near future.
Several measures proposed by different ministries will be prepared and implemented in the coming days after consultation with all stakeholders.
PM directed that a group of ministers and secretaries be created to work dedicatedly in a whole of government approach. PM also instructed for sectoral groups to work in consultation with all stakeholders.
PM said that the conflict is an evolving situation and the entire world is affected in some form. In such a situation, all efforts must be made to safeguard the citizens from the impact of this conflict. PM instructed that all arms of government should work together to ensure least inconvenience to the citizens. PM also asked for proper coordination with state governments to ensure no black-marketing and hoarding of important commodities.
Source: PIB
